Venezuela’s interim president affirms US energy deal lasting 25 years

Venezuela just signed what might be the most consequential oil agreement in the Western Hemisphere in decades. Interim President Delcy Rodríguez confirmed that a sweeping energy deal with the United States will run for 25 years, covering the development of 17 oil fields sitting on 65 billion barrels of proven reserves. The target: boosting Venezuela’s crude oil production to 1.5 million barrels per day, a figure that would represent a dramatic resurrection for an industry that spent years decaying under sanctions and mismanagement. What the deal actually looks like The agreement is structured as a joint venture giving the US a 55% effective output stake through private-sector partners. Among the key private-sector figures involved is Venezuelan businessman Alejandro Betancourt López, who has emerged as a central player in the post-Maduro economic landscape. The projected numbers are staggering. The deal is expected to attract more than $100 billion in investment, while generating over $209 billion in tax revenue for Venezuela over its lifespan. Former President Donald Trump described the arrangement as “the biggest oil deal in world history” in a social media post. The backstory: f...